Chevy Chase Trust Holdings Inc. lowered its stake in Cummins Inc. (NYSE:CMI) by 1.0% during the second quarter, HoldingsChannel.com reports. The fund owned 130,307 shares of the company’s stock after selling 1,330 shares during the quarter. Chevy Chase Trust Holdings Inc.’s holdings in Cummins were worth $17,331,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in CMI. BlackRock Inc. grew its stake in Cummins by 4.0% in the 1st quarter. BlackRock Inc. now owns 12,138,618 shares of the company’s stock valued at $1,967,548,000 after acquiring an additional 463,368 shares during the period. Millennium Management LLC grew its stake in Cummins by 92.7% in the 1st quarter. Millennium Management LLC now owns 736,626 shares of the company’s stock valued at $119,400,000 after acquiring an additional 354,266 shares during the period. Wells Fargo & Company MN grew its stake in Cummins by 19.4% in the 1st quarter. Wells Fargo & Company MN now owns 1,972,366 shares of the company’s stock valued at $319,699,000 after acquiring an additional 320,872 shares during the period. Mackay Shields LLC acquired a new stake in Cummins in the 1st quarter valued at $48,754,000. Finally, Federated Investors Inc. PA grew its stake in Cummins by 1,486.5% in the 1st quarter. Federated Investors Inc. PA now owns 235,711 shares of the company’s stock valued at $38,207,000 after acquiring an additional 220,854 shares during the period. 81.14% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CMI opened at $142.02 on Friday. Cummins Inc. has a 52-week low of $129.90 and a 52-week high of $194.18. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.61. The firm has a market cap of $23.66 billion, a price-to-earnings ratio of 10.89, a price-to-earnings-growth ratio of 0.83 and a beta of 1.11.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 22nd will be paid a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Tuesday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $1.08. Cummins’s payout ratio is 40.68%.
A number of equities research analysts recently issued reports on CMI shares. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, April 24th. UBS Group cut shares of Cummins from a “neutral” rating to a “sell” rating and set a $136.00 price target on the stock. in a research note on Tuesday, May 1st. Wells Fargo & Co cut shares of Cummins from an “outperform” rating to a “market perform” rating and set a $190.00 price target on the stock. in a research note on Tuesday, May 1st. Buckingham Research cut shares of Cummins from a “buy” rating to a “neutral” rating and set a $195.00 price target on the stock. in a research note on Wednesday, May 2nd. Finally, Stifel Nicolaus dropped their price target on shares of Cummins from $180.00 to $174.00 and set a “hold” rating on the stock in a research note on Wednesday, May 2nd. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $166.95.
In other Cummins news, Director Alexis M. Herman sold 735 shares of Cummins stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $139.90, for a total transaction of $102,826.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Tracy A. Embree sold 462 shares of the business’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $141.70, for a total transaction of $65,465.40. Following the transaction, the vice president now directly owns 4,122 shares in the company, valued at approximately $584,087.40. The disclosure for this sale can be found here. Insiders own 0.62% of the company’s stock.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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